How To Deposit Bitcoin into your Electrum Wallet

Deposit Bitcoin into your Electrum Wallet

Once you have some BTC, you may want to deposit Bitcoin into your Electrum wallet. A lot of people will recommend this due to the security risks of leaving it on an exchange. This guide will use the Windows version of the wallet, but steps should be the same across other versions.

Please note that the Electrum wallet will generate new receiving addresses. This is a security feature and not a bug. You can use the old address though!

Steps to Deposit Bitcoin into your Electrum Wallet

1. Open the Electrum application and make sure the “Wallet” field shows the name of the wallet you want to open.

2. Enter your password and click “Next”

3. Click the “Receive” tab. This will display your receiving address. Notice you can generate a custom request that creates a personal QR code you could send to someone.

4. Copy the “Receiving address” and use this as the ‘recipient address’ from wherever you are sending from. As an example, if you are withdrawing from an exchange, use this address as the withdraw/recipient address. Check out this guide for Binance if you need an example.

5. The transaction may take a little while. You can check to see if it came through by going to the “History” tab as shown below. The wallet may default to mBTC as the base unit, but you can change it to default to BTC, which is how it displays on most exchanges and in other wallets. Follow steps 6 and 7 for that.

6. Click “Tools” and select “Preferences”

7. Go to the “Appearance” tab and change the “Base unit” to “BTC”

That’s it for how to deposit Bitcoin into your Electrum wallet. As always, make sure you have a backup of your seed phrase in case something happens to your computer!

Summary

If you have used other cryptocurrency wallets before this should be a familiar process. One notable difference is that Electrum will generate new receiving addresses for you. Check out the wallet tutorials page for more guides on cryptocurrency wallets!